MINNEAPOLIS, Jul 29, 2014 (BUSINESS WIRE) -- The Minnesota Twins and U.S. Bank are testing a new mobile app that makes applying for a Minnesota Twins™ Rewards MasterCard® as simple as snapping a photo of a driver’s license with the camera of an Apple iPad. The new feature speeds up the time it takes to enter basic information needed for the application, while also reducing paper and the risk of phony applications.
The pilot is being conducted at Target Field, home to the Minnesota Twins, where Twins employees are stationed across the facility to accept applications. The new app allows Twins employees to scan an applicant’s driver’s license to fill in much of what’s needed to apply for the Minnesota Twins Rewards MasterCard, which is issued by U.S. Bank.
“We’re pleased to bring this new innovation to our fans,” said Joe Morin, client services coordinator for the Minnesota Twins. “Working with our long-standing partners at U.S. Bank, another Minnesota hometown team, the new photo recognition capability brings the latest technology to our fans and represents another step in our effort to make the Twins baseball experience as interesting and convenient as possible.”
The information needed to populate the application is captured with a snap of a photo, after which the applicant can verify the information and add additional information for a few other required fields not resident on the driver’s license. The application is then processed normally, using the same criteria for approval as is standard for the Minnesota Twins Rewards MasterCard. The new feature has been in place since June, and has been well received by Twins fans and employees.
San Diego-based Mitek, a leading innovator developing mobile imaging for financial transactions, worked closely with U.S. Bank and the Minnesota Twins to create this feature, which has similarly been used in a suite of photo banking services from U.S. Bank.
“The technology improves an applicant’s user experience by eliminating the need to type in much of the required information, helps increase data accuracy, and improves security over paper processes,” said Dominic Venturo, chief innovation officer for U.S. Bank Payment Services. “We’re pleased to partner with the Minnesota Twins on this initiative and other innovative tools to make payments faster, easier and more rewarding.”
Alongside this progress, we have several exciting initiatives in motion, including pilots with major institutions for our Account Opening and Bill Pay solutions," said James B. DeBello, president and CEO of Mitek.
MPAO needs to get moving
Might be because allied does business with Mitek and TISA does not. So posting a TiSa award in a mitek board doesn't make sense.
They need to go over $5 million IMHO.
Thompson Clark is a former Wall St analyst at Sidoti & Co in New York focusing on micro-cap companies. Prior to that, he was a broker at Euro Pacific Capital and an international tax consultant for Deloitte. His deep financial knowledge and diverse background help him in successfully identifying undervalued micro-cap companies. Thompson is a student of the Austrian school of economics, which further helps in this analysis. He is a North Carolina native currently residing in New York City. Thompson graduated from Emory University with a Bachelor's in Business Administration and is a CPA.
Huge Payday from the Mobile Banking Revolution
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by Thompson Clark.Posted Jul 16, 2014.
Today I want to introduce you to an opportunity that could make you ten times every dollar you invest. 1,048%, to be exact.
It’s a microcap stock that has pioneered technology that’s revolutionizing the banking industry. And I’m not talking about a payment system like PayPal… or some new digital currency like Bitcoin.
I’m talking about a technology currently being used by banks and loved by customers.
It’s a technology taking a wrecking ball to physical bank branches and one by one sending tellers the way of the dodo bird.
But before I unveil this disruptive technology for you, let’s look at a few important facts…
What if I told you banks could reduce that $4.25 per transaction cost to just 10 cents a transaction?
It’s estimated that it costs banks $4.25 per transaction conducted in person at a physical branch. Every time you go to a bank to deposit a check, it costs the bank about that much.
Where do these costs come from? Employee salaries, rent and other fees.
Meanwhile, it costs you time and money to travel to your nearest bank branch and fill out antiquated forms to do the simplest of tasks.
If only there was a way to nearly eliminate these costs altogether, right?
Well, what if I told you that there’s a way?
What if I told you banks could reduce that $4.25 per transaction cost to just 10 cents a transaction?
Even better, what if I told you you could deposit a check or conduct your transactions from almost anywhere you wanted, without having to step in your car or call your bank?
Is this something you’d be interested in? What about the banks, think they’d be interested?
Well, look no further. Introducing mobile banking.
If you’re unfamiliar with the term, mobile banking is exactly what it sounds like — depositing checks, bill payments, fund transfers or whatever all from your mobile phone. If you bank at a large bank, like Bank of America, chances are good they have a mobile banking application for your smartphone.
Many banks are moving towards this new technology. And with good reason. It’s estimated that it costs banks 10 cents per transaction done on a mobile device. That’s a 97.65% reduction in cost! Meanwhile it puts all of your banking services at the tip of your fingers.
It’s a win-win-win for all parties involved. Banks get a lower cost structure. Consumers get a lot more convenience.
And one microcap stock — one that could make you 1,048% — enables all this to happen.
It’s a technology and software firm based out of San Diego, California. And it’s been around since the 1980s and has done a variety of services.
Early in its life, it worked for the Defense Department. Ten years ago, it shifted into working with banks.
Specifically, it helped banks electronically capture data on checks. It developed an imaging system that made it possible for banks to process thousands of paper checks quickly and cost-effectively.
In 2008, it capitalized on a trend. That trend was smartphone adoption. They developed a solution that you may have heard of called mobile deposit.
Mobile deposit lets a user deposit checks to their bank account using their smartphone’s camera. You take a picture of both sides of the check and hit send. It’s really that simple. I’ve used it countless times with no problem at all.
The company I have in mind developed this technology. And to date, they’ve signed up 2,222 banks. This includes all of the top 10 commercial banks, which account for a disproportionate amount of customers.
Today, the company has 20 patents awarded and 22 applications pending. Their big driver is mobile deposit software.
Though they’ve also been experimenting and had success with other smartphone ideas. For example, their technology allows you to open a bank account simply by snapping a photo of both sides of your driver’s license. You can also get automatic quotes from insurance companies simply by shooting a picture of your insurance bill.
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Some of these newer concepts are only beginning to gain traction too. But it’s the mobile deposit solution that’s already being used… and it’s what’s really going to pay off for investors.
Just recently, I spoke with this microcap company’s investor relations department and here’s some interesting information they give me.
For every check that’s deposited through mobile capture, this microcap company earns around 12 cents. This ties into the above cited number on cost per transaction on mobile being 10 cents.
They sell their services primarily through a few different “channel providers.” Basically, these channel providers are the intermediaries between banks and this company. The channel providers are big, billion-dollar companies.
Two of these “channel providers” are NCR Corporation (NYSE:NCR) and Fiserv Inc (Nasdaq:FISV). Buying either company will give you great exposure to the mobile banking trend that’s revolutionizing the banking industry. They’re big safe billion dollar companies.
But if you want to make 1,048%, like I told you about, you have to go to the source.
Here’s how the business model works. The banks estimate how many checks they think will be deposited through their smartphone application. Then they buy that number of transactions from the microcap company I’ve been telling you about.
For instance, if U.S. Bank thinks it’ll have a million deposits, they’ll buy all these upfront and pay this microcap company $120,000, or 12 cents per deposit. It’s tough to project exactly how many transactions the banks will need. That’s the tricky part. But looking at this small mobile tech company’s quarterly revenues you can see that business continues to grow.
In the most recent quarter, revenues grew 39% year over year. And the number of banks signing up for this company’s mobile deposit solution keeps getting larger. It’s gone from 564 banks in September 2012 to 2,222 banks today.
Today, over 50% of the 5,800 commercial banks in the U.S. offer some form of mobile banking.
The big picture is this: The more banks offer this company’s mobile deposit technology to consumers, the more money this little company makes. And that’s good if you own shares of the company ahead of time — today a share goes for just $3.54.
And this company could be an absolute home run for you if you’re positioned ahead of time. Remember, the firm earns a small amount of money on each check that’s deposited using it’s mobile technology.
To put this in perspective, data from the Federal Reserve suggest that in 2012, 19.4 billion checks were deposited. They go on to state that of this 19.4 billion, only 0.6%, were deposited using a mobile device.
That’s tiny! What would happen to this company’s earnings if this the rate of mobile deposits grew?
I’ve set up a few scenarios to see what would happen. I’ve also reduced the check fee to 7 cents, from 12 cents. This is to be conservative and factor in bulk pricing.
As you can see, the potential gains are enormous here: 379%, 713%, 1,048%?!
I’ve dug up a few facts and data points that support the argument that the 0.6% of mobile deposits will grow. These facts come from a recent report put out by Monitise, a financial servicing firm.
First, the growth in mobile banking. Today, over 50% of the 5,800 commercial banks in the U.S. offer some form of mobile banking. This number will only grow from here.
Second, the future of bank branches. Ninety percent of U.S. bankers surveyed expect at least a 10% decline in branch numbers over the next five years, with 45% expecting the decline to be 25% or more. Soon, the “branch” will be located on your smartphone.
Both of these data points, along with reduced costs for banks by having fewer tellers, means this company is beautifully positioned for massive growth.
I'm asking you because I know you like to play with numbers. How much revenue do you think Mitek will reveal on Thursday? I thinks $4.9 million.
Do you think timing of the buy was because of the Russell funds shuffling a couple of weeks ago or did they decide to buy because of some thing coming? Maybe "whisper" numbers for the Quarter ending June 30 were positive.
Lots of sealed documents they got there. I've never seen that before. Maybe both parties reached a deal? Or maybe just some extensions.
I thought TIS was doing checks in UK? Some show an image of a smart phone taking a pic of a check with a TIS logo on it.
I always knew they can see the stop loss limits. They small amount of shares to stair step it down a penny at a time until they hit the stop losses. Thanks for the info.
The shifting of shares by Russell funds caused the volume to spike. Some traders thought there was news and bought some shares made the price go up. The high volume alerted chart watchers. The chart watchers alerted day traders. The day traders made their profit and left. Back to reality.
Nothing will happen with Mitek until we get some major news (lawsuit settlement or big bank signing). Until then retailers will play with the stock.